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This chapter provides guidance relating to the recognition and measurement of revenue and related contract liabilities for short-duration insurance contracts, including:
  • Premium revenue recognition and unearned premium liability
  • Liability for unpaid claim and claim adjustment expenses, including incurred but not reported (IBNR) claims (often called insurance reserves)
  • Discounting of claim liabilities
  • The differentiation between loss occurrence or claims-made insurance coverage
  • Consideration of embedded derivatives under ASC 815
  • Residual value insurance contracts
  • Deposit contracts that do not transfer insurance risk

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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